KUALA LUMPUR (Aug 5): LEAP Market-listed Carzo Holdings Bhd (KL:CARZO) has been slapped with two judgements in default amounting close to RM6 million, after Maybank Islamic Bhd sued its wholly owned units over unpaid banking facilities.
A judgement in default is a judgement given against a defendant when they fail to enter an appearance in the case within the specified timeframe.
Besides Carzo, the judgements in default were also served on its units Carzo Sdn Bhd and Carzo Import Sdn Bhd. They were also served on its managing director Datuk Seri Delon Lee Kean Yip and executive director Cheong Wai Keh for their roles as guarantors to the banking facilities provided by Maybank Islamic.
Carzo said it expects “no additional financial impact arising” from the judgements, nor operational impact, reasoning it has ceased its core business of distributing fresh fruits and fruit products for the time being since November 2024.
“The company has sought legal advice on the above matter and a further announcement on the development of the above matter will be made to Bursa Malaysia Securities in due course.”
Shares in Carzo were last traded on March 17, when it closed at 39.5 sen, valuing the company at RM37.7 million.